their biggest investment, and 31 percent of us ill owing more than our home is worth, you may be wodering how we can possibly see a silver lining in the housing maket. you want more evidence? phoenix arizona, a market that was the poster child forr housig problems. the overbuilt domination leading foreclosure, entire neighborhoods abandoned and in disrepair. today prices are up 25% so far, and on tra to finish up 30%. to be sure that is not as big again as the decline, but the city is poised for real recovery the same story of recovery is playing out in miami, san francisco, san jose, seattle. big losers staging convincing turnaround. i think this may be the most important story of the year, and not when you're likely to hear much about. the media likes to avoid good news headlines. the headline, if it were written, would be, housing is the best opportunity for americans with ready cash. a strong recovery, lower intere rates, low prices. how you can make out like a bandit. that's a right to it. all-star panel. and michael lawson, research and will -- analyst. welcome all. we will start with you.